19
Tue, Mar
68 New Articles

Deal 5: Kofola CFO Martin Pisklak on the Group's Refinancing

Deal 5: Kofola CFO Martin Pisklak on the Group's Refinancing

Czech Republic
Tools
Typography
  • Smaller Small Medium Big Bigger
  • Default Helvetica Segoe Georgia Times

On July 13, 2022, CEE Legal Matters reported that Onisko & Holesova, Planinic Soljic & Partners, and solo practitioner Klemen Ticar advised Kofola on its refinancing. CEE In-House Matters spoke with Martin Pisklak, Group Chief Financial Officer at Kofola CeskoSlovensko, to learn more about the matter.

CEEIHM: To start, tell us a bit about Kofola.

Pisklak: The Kofola Group is one of the leading producers and distributors of non-alcoholic beverages in Central and Eastern Europe. Besides the traditional Czech and Slovak markets where the group is a leader, it is also present in Slovenia, Croatia, and Poland. The group produces drinks with care and love in eleven main production plants. Key own brands include carbonated beverages Kofola and Vinea, waters Radenska, Studenac, Rajec, Ondrasovka, and Korunní, syrup Jupi, beverages for children Jupik, energy drinks Semtex, and UGO fresh juices and salads. In selected markets, the group distributes among others Rauch, Evian, Badoit, or Vincentka products and, under license, produces RC Cola, Orangina, Rauch, or Pepsi. Our annual consolidated revenues are about EUR 350 million.

CEEIHM: You were recently advised on a new credit line of up to CZK 1 billion. What is the capital intended for?

Pisklak: This new credit line is predominantly intended for production and commercial equipment.

CEEIHM: As reported by CEELM, the credit line "implemented a more efficient and flexible management structure of the currency risk." Can you elaborate on how that looks in practice?

Pisklak: So far, the Kofola Group was financed in CZK only. However, approximately 60% of our business comes from countries with the euro currency. That is why we decided to change our debt structure from 100% CZK to 60/40% EUR/CZK. We were strongly motivated also by the huge difference between the PRIBOR and EURIBOR rates.

CEEIHM: What was the most complex aspect of the refinancing from a legal perspective?

Pisklak: Definitely the coordination between four jurisdictions: the Czech Republic, Slovakia, Slovenia, and Croatia. The legal requirements and procedures differ from country to country – especially pledges and other security procedures. As we are a listed company, we were also required to receive approval from our shareholders' meeting. On the other hand, we are financed by a stable club of banks so the update of financing agreements was not difficult.

CEEIHM: And why did you pick Onisko & Holesova as your advisor on the matter?

Pisklak: The Kofola Group has been using the Onisko & Holesova law firm for more than 10 years and we are very satisfied with their proactive approach. Their scope of work is wide – reviewing sales/purchase contracts, corporate law agenda, due diligence work, SPA negotiation, litigations, and much more. They are able to cover the Czech Republic and Slovakia. They also coordinated the Klemen Ticar law firm in Slovenia and Planinic, Soljic and Partners law firm in Croatia.

Originally reported by CEE In-House Matters.

Czech Republic Knowledge Partner

PRK Partners, one of the leading Central European law firms, has been helping clients achieve their business objectives almost 30 years. Our team of lawyers, based in our Prague, Ostrava, and Bratislava offices, has a unique knowledge of Czech and Slovak law and of the business environment. Our lawyers studied at top law schools in the United States, United Kingdom, Switzerland and elsewhere. They also have experience working for leading international and domestic law firms in a number of jurisdictions. We speak your language, too. Our legal team is fluent in more than 15 languages, including all the key languages of the region.

PRK Partners has one of the most experienced legal teams on the market. We are consistently rated as one of the leading law firms in the region. We have received many significant honours and awards for our work. We represent the interests of international clients operating in the Czech Republic in an efficient way, combining local knowledge with an understanding of their global requirements in a business-friendly approach. We are one of the largest law firms in the Czech Republic and Slovakia. Our specialised teams of lawyers and tax advisors advise major global corporations as well as local companies. We provide comprehensive legal advice drawing on our profound knowledge of local law and markets.

Our legal advice delivers tangible results – as proven by our strong track record. We are the only Czech member firm of Lex Mundi, the world's leading network of independent law firms. As one of the leading law firms in the region, we have received many national and international awards, in some cases several years in a row. Honours include the Chambers Europe Award for Excellence, The Lawyer and Czech and Slovak Law Firm of the Year. Thanks to our close cooperation with leading international law firms and strong local players, we can serve clients in multiple jurisdictions around the globe. Our strong network means that we can meet your needs, wherever you do business.

PRK Partners has been repeatedly voted among the most socially responsible firms in the category of small and mid-sized firms and was awarded the bronze certificate at the annual TOP Responsible Firm of the Year Awards.

Our work is not only “business”: we have participated on a longstanding basis in a wide variety of pro bono projects and supported our partners from the non-profit sector (Kaplicky Centre Endowment Fund, Tereza Maxová Foundation, Czech Donors Forum, etc.).

Firm's website: www.prkpartners.com

Our Latest Issue